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Britain’s Rich Will Have To Rely On ‘Tax Evasion For Dummies’

Financial advisers won't be able to do it for them anymore.
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Might not have happened under the guy whose dad was a tax-avoidance aficionado. By Tom Evans [OGL 3], via Wikimedia Commons

via Wikimedia Commons

It’s that or finding a willing financial adviser and/or accountant in a jurisdiction beyond the reach of U.K. tax authorities.

Britain's finance ministry said tax authorities should be able to impose fines on tax planners, advisers and accountants to target those who promote the avoidance schemes rather than just those who use them….

If a scheme is deemed to breach tax rules, advisers could have to pay a fine equal to the amount the avoidance scheme helped its users save, the government said.

Which all sounds good, to be sure. But won’t somebody please thing of how this will affect routine tax avoidance?

"My worry and my concern would be that over the longer term, will this start to creep into other areas of basic accountancy, tax advice that is routine for all businesses?" said Nimesh Shah, Partner at London chartered accountants Blick Rothenberg.

"The end users of these services, their costs will creep up because the of the red tape and the legislation that we in the profession have to think about."

Britain targets financial advisers with new tax-avoidance fines [Reuters]